Cuda Pétrole et Gaz Inc. annonce une étape importante de financement pour son projet de pétrole léger dans le bassin de la rivière Powder, au Wyoming

Calgary, Alberta—(Newsfile Corp. – le 5 juin 2019) – Cuda Pétrole et Gaz Inc. («Cuda» ou la «société») (TSXV: CUDA) est heureuse d’annoncer qu’elle a signé une lettre d’intention (la « LI ») pour le refinancement de sa facilité de crédit de 35 millions $ CAN (la « Facilité ») avec son prêteur institutionnel canadien ( le « Prêteur »). Le refinancement inclut une extension de la maturité de la Facilité pour un an de juillet 2019 à juillet 2020 et est sujet à une entente définitive. Les intérêts de la Facilité continueront à être composés et payables sur une base mensuelle à un taux annuel de 10,5%. En relation avec le refinancement de la Facilité, la société émettra des bons de souscription pour 1,500,000 actions ordinaires (« les « Bons ») à l’intention du Prêteur. Chaque Bon permettra au Prêteur d’acheter une action ordinaire (chaque « Action Ordinaire ») de Cuda a un prix d’exercice de 0.65$ CAN/ Action Ordinaire et se terminera 24 mois après l’émission des Bons. L’émission des Bons est sujette à l’approbation de la Bourse de croissance du TSX.

En plus, le Prêteur accepte de fournir une demande de facilité additionnelle de 8 millions $ CAN (la « Facilité Additionnelle ») qui sera due le 31 décembre 2019. Les intérêts sur la Facilité Additionnelle seront composés et payables mensuellement à un taux annuel de 10,75%. Le produit de la Facilité Additionnelle fournira un filet de sécurité financier pour le financement et l’exécution du programme d’injection de gaz naturel miscible (le « Programme ») situé sur l’unité fédérale Barron Flats (Profonde) (« BFU ») dans le comté de Converse, au Wyoming. Un test de stimulation par injection cyclique de gaz, associé au Programme, est prévu débuter en juillet 2019 au puits William Valentine # 1.

KES 7 Capital Inc (« KES 7 » agit à titre de conseiller financier pour la société.

La Facilité additionnelle est un jalon important dans le support du plan d’investissement en capital de 2019 afin de développer les importantes réserves attribuées à la société à la fin de l’année 2018. Les réserves ont été préparées conformément aux définitions, standards et procédures contenues dans le COGE Handbookan NI 51-101 – Standards of Disclosure for Oil and Gas Activities (« 51-101 ») par les évaluateurs indépendants de la compagnie Ryder Scott. Toutes les informations sur les réserves prouvées développées (« PDP ») et celles prouvées développées inexploitées (« PNP »), le total des réserves prouvées (« 1P ») et le total des réserves prouvées et probables (« 2P ») sont disponibles ci-dessous :

Réserves au 31 Décembre 2018

  • PDP + PNP est 1,534 mbep (million de baril équivalent de pétrole) (62 % pétrole & liquides)
  • 1P est 4,949 mbep (84 % pétrole & liquides)
  • 2P est 14,571 mbep (84% pétrole & liquides)

Valeur des réserves au 31 décembre 2019 (Avant taxes escompté de 10%)

  • PDP + PNP est de 26.8 M$ ou 1.22$ par action ordinaire
  • 1P est de 77.8 M$ ou 3.55$ par action ordinaire
  • 2P est 191.6 M$ ou 8.74$ par action ordinaire

En plus des conditions existantes, la Facilité Additionnelle est soumise à des frais réguliers d’opération et d’établissement et d’un retrait initial de 3.5 Millions $ CAN. La valeur requise du PDP à la fin de l’an 2019 ne doit pas être inférieure à 50 Millions S CAN basée sur le rapport d’évaluation de fin d’année de Ryder Scott.

Cuda a également acquis récemment l’unité de Cole Creek composée d’une superficie de 11 000 acres brutes (3 630 acres nets) et qui peut supporter un projet de 48 puits (16,7 puits nets) qui peut être développée avec la technologie de forage horizontal non conventionnelle.

Le bassin de la rivière Powder, et plus particulièrement le comté de Converse, continue de connaître une augmentation des activités des principales sociétés E&P pétrolières et gazières ainsi que des entreprises soutenues par du financement privé. Les différentes cibles pétrolières du bassin, et superposées les unes aux autres en profondeur, continue de donner des résultats positifs. La société a reconnu qu’il existait plusieurs opportunités supplémentaires à différente profondeur sous le Grès conventionnel du Shannon sur son territoire, et plus précisément, dans les formations géologiques du Frontier, Niobrara et Muddy. Ces opportunités constituent la base d’un développement ultérieur des ressources sur les terrains de la société.

À propos de Cuda Pétrole et Gaz Inc.

Cuda Pétrole et Gaz Inc. est engagée dans des activités d’exploration, de développement et de production de pétrole et de gaz naturel, ainsi que dans l’acquisition de propriétés pétrolières et gazières partout en Amérique du Nord. Les membres de l’équipe de direction de Cuda collaborent étroitement depuis plus de 20 ans au sein de sociétés fermées et ouvertes et ont déjà fait leurs preuves sur le plan de l’excellence du rendement réalisé par les actionnaires. Cuda continuera à mettre en œuvre sa stratégie éprouvée en matière d’exploration, d’acquisition et d’exploitation en se concentrant à long terme sur ses éléments d’actif recelant de vastes ressources de pétrole léger en Amérique du Nord, y compris sa vaste expérience en exploitation aux États-Unis. L’équipe de direction de Cuda possède de l’expérience dans une gamme complète de domaines, soit la géotechnique, l’ingénierie, la négociation et les finances, qu’elle met à profit pour prendre ses décisions en matière de financement.

Pour plus d’informations, veuillez contacter:

Glenn Dawson
Président et chef de la direction
Cuda Oil and Gas Inc.
(403) 454-0862

Mise en garde relative aux énoncés prospectifs

Le présent communiqué de presse contient des « énoncés prospectifs ». Tous les énoncés autres que les énoncés de faits passés qui se trouvent dans le présent communiqué de presse sont des énoncés prospectifs qui comportent certains risques et incertitudes et sont fondés sur des prévisions de résultats opérationnels ou financiers futurs, des estimations de montants ne pouvant être établis à l’heure actuelle et les hypothèses de la direction. Plus particulièrement, les énoncés prospectifs qui figurent dans le présent communiqué de presse portent sur les éléments suivants : (i) les termes du refinancement proposés pour la facilité de crédit et l’émission de bons de souscription au Prêteur; (ii) les activités d’exploration et de développement ainsi que l’échéancier de ses activités; (iii) l’échéancier des développements opérationnels relié aux installations d’injection de gaz naturel miscible de la société; et (iv) les estimations des réserves et la valeur des réserves qui comportent des évaluations implicites que les réserves peuvent être produites de façon rentables, de par leur nature. Ces énoncés sont basés sur certaines hypothèses de la société concernant les conditions actuelles et les futurs développements anticipés incluant des hypothèses concernant: (i) l’exécution de l’entente définitive concernant le refinancement; (ii) toutes les autorisations de tierces parties ou réglementaires seront obtenues; et (iii) les perspectives et opportunités commerciales. Les facteurs de risque qui pourraient faire en sorte que les résultats prévus par ces énoncés prospectifs ne se réalisent pas comprennent les exigences permanentes en matière de permis, les résultats effectivement tirés des activités d’exploration et de développement en cours, les risques opérationnels, les risques associés aux forages et aux complétions de puits, incertitude des données techniques et géologiques, l’accès aux capitaux, les conditions qui règnent sur le marché, l’accessibilité des sources d’énergie de rechange et la nature de ces sources, les conclusions des évaluations économiques et les changements apportés aux paramètres des projets au fur et à mesure que les plans continuent d’être peaufinés, ainsi que les prix futurs du pétrole et du gaz naturel. Bien que Cuda aient tenté d’identifier les facteurs importants qui pourraient faire en sorte que les résultats effectivement obtenus diffèrent considérablement de ceux qui sont prévus, estimés ou voulus, d’autres facteurs pourraient aussi intervenir en ce sens. Toutefois, il ne peut y avoir aucune assurance que ces énoncés prospectifs se révéleront exacts, puisque les résultats réels et les événements futurs pourraient différer considérablement de ceux que ces énoncés prévoient. Par conséquent, les lecteurs ne devraient pas se fier indûment aux énoncés prospectifs. La société décline toute intention et obligation de mettre à jour ou de réviser tout énoncé prospectif, que ce soit en raison de nouveaux renseignements, d’évènements futurs ou d’autres facteurs, à moins que la loi applicable ne l’exige.

Avis concernant le pétrole et le gaz

L’estimation de la valeur actualisée nette des revenus futurs nets attribuable aux réserves peut ne pas représenter la valeur juste marchande.

Les « bep » peuvent être trompeurs, particulièrement si on les utilise de façon isolée. Le ratio de conversion utilisé, soit six milliers pieds cubes de gaz naturel par baril d’équivalent de pétrole (6 kpi³ : 1 b), est fondé sur une méthode de conversion d’équivalence énergétique principalement applicable au bec du brûleur et ne représente pas un équivalent de valeur à la tête du puits. Compte tenu du fait que le ratio de valeur fondé sur le prix actuel du gaz naturel par rapport à celui du pétrole brut est très différent de l’équivalence énergétique de 6:1, l’utilisation d’un tel ratio peut donner lieu à une indication trompeuse de la valeur.

Ni la Bourse de croissance TSX, ni son fournisseur de services de réglementation (au sens donné à ce terme dans les politiques de la Bourse de croissance TSX) ne sont responsables de l’exactitude ou de l’exhaustivité du présent communiqué.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45387

Advertisements

ALX Uranium Corp. Announces Grant of Stock Options

Vancouver, British Columbia–(Newsfile Corp. – June 6, 2019) – ALX Uranium Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) (“ALX” or the “Company)  announced today that the Board of Directors has approved the allocation of 3,450,000 incentive stock options to directors, officers, employees, and advisors of the Company. The options are exercisable at $0.07 per share for a period of five years from issuance, and are subject to the following vesting provisions – one third (1/3) of the options will vest in four months, one third (1/3) in eight months and one third (1/3) vesting one year from the allocation date.

About ALX Uranium Corp.

ALX’s mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in northern Saskatchewan, Canada, a superior mining jurisdiction. The Company executes well-designed exploration programs using the latest available technologies and has interests in over 200,000 hectares in Saskatchewan, a Province that hosts the richest uranium deposits in the world, a producing gold mine, and demonstrates strong potential for economic base metals deposits. ALX is based in Vancouver, BC, Canada and its common shares are listed on the TSX Venture Exchange under the symbol “AL”, on the Frankfurt Stock Exchange under the symbol “6LLN” and in the United States OTC market under the symbol “ALXEF”. Technical reports are available on SEDAR at www.sedar.com for several of the Company’s active properties.

For more information about the Company, please visit the ALX corporate website at www.alxuranium.com or contact Roger Leschuk, Manager, Corporate Communications at PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxuranium.com

On Behalf of the Board of Directors of ALX Uranium Corp.

“Warren Stanyer”

Warren Stanyer, CEO and Chairman

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45389

Braveheart Resources Inc. Announces Closing of $500,000 Flow-Through Financing

Calgary, Alberta–(Newsfile Corp. – June 6, 2019) – Braveheart Resources Inc. (TSXV: BHT) (“Braveheart” or, the “Company”) has completed a private placement financing of flow-through shares for gross proceeds of $500,000. The Company issued 2,941,177 flow-through shares at an issue price of $0.17 per share.

The Company paid finders fees totalling $50,000 and issued 294,118 finder warrants, with each finder warrant exercisable into a common share of the Company at an exercise price of $0.17 per share for a period of 24 months.

The proceeds of the financing will be used to fund the Company’s exploration efforts in British Columbia.

All securities issued pursuant to the financing will be subject to a four month hold period.

About Braveheart Resources Inc.

Braveheart is a Canadian based junior mining company focused on building shareholder value through exploration and development in the favourable and proven mining jurisdictions of the East and West Kootenays of British Columbia. Braveheart’s main asset is the newly acquired Bull River Mine, an advanced stage copper, gold and silver mine. The mine is fully developed with 21,000 metres of underground developments in terms of ramps, raises and drifting on mineralized structures on seven levels. The surface infrastructure includes a 750 tonne per day conventional mill with adjoining crushing facilities as well as offices and mine maintenance facilities. The property is connected to grid power and there is year-round access to the site by paved and all-weather roads.

Contact Information
Braveheart Resources Inc.
Ian Berzins, P.Eng.
Chief Executive Officer, President and Director
403-512-8202
braveheartresources@shaw.ca
Website: www.braveheartresourcesinc.com

Caution Regarding Forward-Looking Information

This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company’s continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45372

First Vanadium Announces First Tranche Closing of Financing – Insiders Participate

Vancouver, British Columbia–(Newsfile Corp. – June 6, 2019) – First Vanadium Corp. (TSXV: FVAN) (OTCQX: FVANF) (FSE: 1PY) (“First Vanadium” or the “Company”) is pleased to announce that the Company has closed the first tranche (the “First Tranche“) of its non-brokered private placement financing (the “Offering“) previously announced on May 21, 2019. Under the First Tranche, the Company has issued 2,125,500 units at a price of C$0.40 per unit for gross proceeds of C$850,200. Each unit is comprised of one common share and one warrant. Each warrant will be exercisable into one common share for a period of three years at an exercise price of $0.65 per share. In connection with the First Tranche, the Company paid a finder’s fee of C$2,100 to PI Financial Corp.

Certain directors, officers (the “Insiders“) and close associates of the Company participated in the First Tranche and purchased an aggregate of 898,000 units for aggregate gross proceeds of C$359,200. Participation by Insiders of the Company in the Offering is considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insiders’ participation in the Offering in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the private placement by the Insiders did not exceed 25% of the fair market value of the Company’s market capitalization.

All securities issued under the First Tranche are subject to a hold period expiring October 7, 2019, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

The second tranche of the Offering for additional proceeds of up to C$349,800 is expected to close on or before June 28, 2019.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 as amended (1933 Act), or any state securities laws, and may not be offered or sold within the United States or to, or for account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

About First Vanadium Corp.

First Vanadium has an option to earn a 100% interest in the Carlin Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada on Highway I-80. The Carlin Vanadium Project hosts the Carlin Vanadium deposit, which is flat to shallow dipping and at shallow depths with strike length of approximately 1,800 metres, width averaging 600 metres and thickness ranging from 15 metres to 50 metres. The Company announced its maiden resource February 27, 2019.

ON BEHALF OF FIRST VANADIUM CORP.

per: “Paul Cowley”
CEO & President
(778) 655-4311
pcowley@firstvanadium.com

www.firstvanadium.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events or the Company’s future performance and include the Company’s ability to meet its obligations under the Access and Mineral Lease Agreement, the conditions required to exercise in full its option to acquire the Carlin Vanadium project, and the proposed second tranche closing of the Company’s private placement offering. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45384

Pure Energy Minerals Appoints Mr. He Yaping as Additional Director

Vancouver, British Columbia–(Newsfile Corp. – June 6, 2019) – Pure Energy Minerals Limited (TSXV: PE) (OTCQB: PEMIF) (the “Company” or “Pure Energy“) is pleased to announce the appointment of Mr. He Yaping as a director of the Company. Mr. He has been appointed to the Company’s board as an additional board member and as a representative of Lithium X Energy Corp. (“Lithium X”), affiliated with Tibet Summit Resources Co. Ltd. (“Tibet Summit”), one of China’s largest natural resource corporations.

Mr. He is the vice chairman of Tibet Summit and the founder and chairman of NextView Capital, an active investment fund based in Beijing and Shanghai, China. Lithium X, a subsidiary of Tibet Summit, is a significant shareholder, holding approximately 12.3% of Pure Energy. Mr. He has over 20 years of operations and management experience. Prior to founding NextView Capital, Mr. He was a founding member and partner of New Margin Investment and managed over six funds. Mr. He holds a Bachelor degree from Shanghai Jiao Tong University and an MBA from the University of Hong Kong.

Mary Little, a director of the Company, stated: “We welcome Mr. He to Pure Energy Minerals Limited’s board of directors. Mr. He brings significant expertise in natural resource markets to Pure Energy and we look forward to working with him in the future.”

About Pure Energy Minerals Limited

Pure Energy Minerals is a lithium resource developer that is driven to become a low-cost supplier for the growing lithium battery industry. Pure Energy has consolidated a pre-eminent land position at its Clayton Valley Project in the Clayton Valley of central Nevada for the exploration and development of lithium resources, comprising 948 claims over 23,360 acres (9,450 hectares), representing the largest mineral land holdings in the valley. Pure Energy’s Clayton Valley Project adjoins and surrounds on three sides the Silver Peak lithium brine mine operated by Albemarle Corporation. The Company has completed a Preliminary Economic Assessment (“PEA”) for the Clayton Valley Project (news releases of June 26, 2017 and April 5, 2018).

Quality Assurance

Walter Weinig, Professional Geologist and Qualified Person as designated by the Mining and Metallurgical Society of America (MMSA registration #01529QP), is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Weinig is not independent of the Company, as he is a former officer.

On behalf of the Board of Directors,

“Mary L. Little”
Director, Pure Energy Minerals Ltd.

CONTACT:

Pure Energy Minerals Limited (www.pureenergyminerals.com)
Email: info@pureenergyminerals.com
Telephone – 604 608 6611

Cautionary Statements and Forward-Looking Information

The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release may include future exploration and development on the CV Project. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

The Company does not undertake to update any forward-looking information, except as required by applicable laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45377

Copper Fox Extends Warrant Expiry Dates

Calgary, Alberta–(Newsfile Corp. – June 6, 2019) – Copper Fox Metals Inc. (TSXV: CUU) (“Copper Fox” or the “Company”) is pleased to announce that it intends to extend, subject to the approval of the TSX Venture Exchange, the expiry dates of 19,919,665 outstanding warrants as detailed below. The subject warrants were originally issued on June 9, 2016, June 30, 2016, and July 27, 2017 respectively, with an original expiry date of two (2) years, in connection with private placements of units consisting of common shares and warrants of the Company. The new expiry dates provide an additional one year extension on the 2016 warrants and the first one year extension on the 2017 warrants. These warrants continue to be exercisable at their original exercise price.

Exercise Price Original (and amended) Expiry Date (Further) Amended Expiry Date
$0.17 June 9, 2018 (amended to June 9, 2019) June 9, 2020
$0.17 June 30, 2018 (amended to June 30, 2019) June 30, 2020
$0.17 July 27, 2019 July 27, 2020

 

About Copper Fox

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox’s other mineral properties and investments visit the Company’s website at http://www.copperfoxmetals.com.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.

For additional information contact:
Copper Fox Metals Inc.

Lynn Ball: investor@copperfoxmetals.com
(844) 464-2820 or (403) 264-2820
www.copperfoxmetals.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45375

I-Minerals Commences Pre-Feasibility Study for a Halloysite – Metakaolin Operation

Vancouver, British Columbia–(Newsfile Corp. – June 6, 2019) – I-Minerals lnc. (TSXV: IMA) (OTCQB: IMAHF) (FSE: 61M) (the “Company”) announces that further to the Company’s press release of March 7, 2019, Millcreek Engineering Company of Salt Lake City, Utah (“Millcreek”) has provided preliminary Capital Cost (CAPEX) and Operating Cost (OPEX) estimates for an initial clay-only mine capable of producing up to 20,000 tons per annum (“tpa”) of metakaolin and up to 10,000 tpa of halloysite.

Estimation of the OPEX and CAPEX was generally based upon factoring of prior economic studies and cost assessments completed in 2016 and 2017 to reflect lower throughput rates, but also including a process flow sheet change to include the use of a flash calciner to process the kaolin into metakaolin and technologies to produce a consistent particle size metakaolin product.

Both the CAPEX and OPEX estimates are within ranges expected by company management. Internal modelling by the Company together with Measured and Indicated resources estimated by SRK Consulting is sufficiently encouraging that the Company has engaged Millcreek to complete a Pre-Feasibility Study (“PFS”) on a halloysite and metakaolin clay operation. Given the data available from prior economic analysis together with the ongoing kaolin and halloysite clay pilot plant at Ginn Mineral Technologies, Millcreek estimates it will take approximately four months to complete the PFS. The PFS will also focus on optimizing the process and pit design to maximize recovery of halloysite and kaolin clay, increase the clay content of the feed to the plant and improve the stripping ratio. As noted in the recent 43-101 resource report completed by SRK and filed on SEDAR on April 18, 2019, ample resources exist for targeting a halloysite and metakaolin clay only operation.

Classification Short Tons SandShort Tons KaolinShort Tons HalloysiteShort Tons
Measured Resource 5,720,000 4,378,000 702,000 226,000
Indicated Resource 15,530,000 8,857,000 2,416,000 440,000
Inferred Resource 21,260,000 13,235,000 3,119,000 667,000

Pilot plant work at Ginn Mineral Technologies (“GMT”) continues to demonstrate good results for the initial sand – clay (kaolin plus halloysite) separation using hydrocyclones. Once the GMT pilot plant processing is complete the kaolin component will the sent for flash calcination and further processing.

“We are very encouraged by the results of the initial study on a halloysite and metakaolin only operation. I-Minerals Inc aims to be the premier supplier of halloysite for supply into the non-ceramic markets and the western USA’s only producer of high quality metakaolin pozzolan,” commented President and CEO John Theobald. “The focus on halloysite and metakaolin is a logical first step for the company in establishing an operating base and we will still have the opportunity to evaluate the addition of high-quality quartz and potassium feldspar production in the future.”

Lamar Long, CPG, is a qualified person (“QP”) for I-Minerals Inc. and has reviewed and approved the contents of this release

About I-Minerals Inc.

I-Minerals is a Canadian based exploration and development company that is advancing the Helmer-Bovill kaolin-halloysite-quartz-potassium feldspar property in north central Idaho.

This News Release includes certain “forward looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. Actual results could differ materially from those projected as a result of the following factors, among others: changes in the world-wide price of mineral market conditions, risks inherent in mineral exploration, risk associated with development, construction and mining operations, the uncertainty of future profitability and uncertainty of access to additional capital.

Contact:

Barry Girling
877-303-6573 or 604-303-6573
Email: info@imineralsinc.com
Or visit our website at www.imineralsinc.com

Paul J. Searle, Investor Relations
877-303-6573 or 604-303-6573
Email: psearle@imineralsinc.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45368